I'm in the process of machining a backplate out of cast iron, for a new 5" chuck I have. This is for my Myford ML7, and the spindle nose is threaded as you know.
I have not had any problem with my chucks unscrewing, but it would be nice to have the possibility of running the lathe in reverse occasionaly. And I thought that I might as well make some sort of locking mechanism while I'm at it making the backplate.
I've tried searching for possible solutions. I've seen some (Schaublin?) use a clamping ring that compresses the chuck spigot onto the register, like this:

But I was thinking of utilising the collar that is next to the register on the Myford spindle, it's 1/4" wide and 40.9mm in diameter.
I can extend the backplate to act as a sleeve over that collar, then slit that sleeve part axially. Like this:

And then use a similar clamping ring, as in the first picture, to clamp and secure it to the spindle.
What do you think?